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Human capital is acquired not only through formal education (e.g. general skills) but also through training at the workplace. Prior studies have ignored the role of government subsidies explicitly for on-the-job training, which may influence firm training decisions and firm innovation performance. Hence, the authors establish a comprehensive theoretical framework to consider these issues and fill these gaps.

Considering the Chinese manufacturing firms listed in the Shanghai and Shenzhen Stock Exchange from 2010 to 2017, the authors investigate the influence of training investment on innovation performance by illustrating the role of human capital updating in enhancing firm innovation. The authors also explore serval mechanisms on how training investment influences innovation performance.

The authors propose that training investment promotes firm innovation performance, whereas government training subsidies negatively moderate this relationship. The authors also reveal how technicists' involvement and corporate culture mediate the relationship between training investment and innovation performance.

This study provides policy implications for stimulating firm innovation by improving learning and absorption ability, strengthening cultural identity and implementing system norms. Effective policies should be adopted to provide subsidies for on-the-job training of enterprises, particularly for firms with technical executives and firms in diversified life-cycle.

This work contributes to the literature on the role of on-the-job training in promoting firm innovation and reveals the crowding-out effect of subsidies. This study also shows the heterogeneous effects of training investment on firm innovation.

Economic policy uncertainty (EPU) has huge impact and harm on real economy, so the economic logic and other economic effects behind this must be further studied. By constructing the “China Economic Policy Uncertainty Index” to capture the degree of EPU faced by Chinese companies, the authors empirically test whether and how EPU affects the level of executives' perquisite consumption.

This study investigates the relationship between EPU and executive perquisite consumption based on a sample of 3,185 publicly listed firms in China. To examine the relationship between EPU and executives' perquisite consumption, a mixed least squares method was used for regression. To alleviate the problem of missing variables that do not change over time and control the influence of unobservable individual heterogeneity at the firm level, the firm fixed effects model is used for regression.

The study finds that EPU is positively associated with executive perquisite consumption. This positive association is stronger for firms with smaller size, lower management shareholding and higher levels of separation of ownership and control. Effective external governance (i.e., analyst coverage, media coverage, auditor and market competition) can mitigate the relationship between EPU and executive perquisite consumption. Further analysis reveals that EPU increases executive perquisite consumption by holding more cash and decreasing firm risk taking. EPU hurts market value of firms by boosting executive perquisite consumption and tunneling.

In an environment with high EPU, the board of directors should reduce managers' compensation performance sensitivity to ease the agency conflict caused by uncertainty. Firms should improve their governance mechanisms and standard and pay attention to their environmental changes. Policymakers should pay attention to maintaining the continuity and predictability of policies, stabilizing the economic policy expectations of market entities and avoiding frequent changes in policies that can harm economic and firm value. The regulatory authorities should actively guide listed companies to increase active information disclosure during periods of high policy uncertainty.

This study contributes to the research on corporate governance by showing how EPU influences executives' behaviors. The authors advance relative studies by showing that this uncertainty embedded in a firm's external environments influences executive perquisite consumption. This study also contributes to the literature on how internal and external governances influence corporate behavior during uncertainty. These findings extend this line of research by suggesting that effective external governance is an attribute that can alleviate the effect of uncertainty on managers' opportunistic behaviors.

China's New Rural Pension Program (NRPP) has been implemented for a decade, but the factors that facilitate rural residents' participation have received little attention. This study aims to investigate whether financial literacy has an influence on rural residents' behavior of participation in the NRPP. In particular, this study further verifies if high financial literacy is important and whether financial education can enhance the impact of financial literacy on current, long-term and dynamic pension decisions of rural households.

This study investigates the impact of financial literacy on rural residents' participation in China's NRPP using the China Household Financial Survey (CHFS) Data of 2015 and 2017. This study constructs an analytical framework for current, long-term and dynamic impacts and comprehensively analyzes the value of financial literacy in the decision making of the NRPP. This study uses the instrumental variable method to solve the possible endogeneity problem. In addition, the authors also demonstrate the positive role of high financial literacy in household pension decisions. Further analysis reveals gender and regional heterogeneity in the impact of financial literacy on pension decisions. The moderating effect model explores whether financial education has a significant moderating effect on financial literacy and pension decision making of the NRPP.

Financial literacy can improve the participation behavior of households in rural areas (dynamic effect) and promote their current and long-term participation in the NRPP, choosing a higher pension contribution level in the NRPP. However, financial literacy has no significant effect on the change in the contribution amount of the NRPP. Further research finds that high financial literacy has comparative advantages in household pension decision making in rural areas. There are gender and regional differences in the impact of financial literacy on pension decisions. In addition, effective financial literacy education enhances the current, long-term and dynamic impacts of residents' financial literacy on NRPP participation and pension contributions.

This study comprehensively considers the impact of financial literacy on pension decision making behavior from three aspects: current, long-term and dynamic, making up for the dearth in the existing literature that only focuses on the impact of financial literacy on current financial behaviors and bridging the gap between the theoretical framework and experimental results. Our study proposes new policy implications: (1) Governments and financial institutions should pay attention to financial literacy and education levels in rural areas and carry out financial education and training programs to increase social welfare levels by increasing rural residents' participation and pension contribution. (2) The community can strengthen the policy advocacy of the NRPP and make people develop a stronger sense of trust toward it. The government can also subsidize individual accounts through financial support.

This study comprehensively considers the impact of financial literacy on pension decision-making behavior from three aspects: current, long-term and dynamic, making up for the dearth in the existing literature that only focuses on the impact of financial literacy on current financial behaviors and bridging the gap between the theoretical framework and experimental results. Our study proposes new policy implications: (1) Governments and financial institutions should pay attention to financial literacy and education levels in rural areas and carry out financial education and training programs to increase social welfare levels by increasing rural residents' participation and pension contribution. (2) The community can strengthen the policy advocacy of the NRPP and make people develop a stronger sense of trust toward it. The government can also subsidize individual accounts through financial support.

In the context of global economic downturn and intense competition, firms are increasingly resorting to supply chains to acquire capital support and achieve sustainability. This study aims to investigate the effect of supply chain finance (SCF) on corporate sustainability performance (CSP) and identifies SCF-related recipes for CSP.

Based on a sample of 1,038 firms that disclose CSP – namely, corporate financial performance (CFP) and environmental, social and governance performance (ESGP) – the authors use a quasi-replication method consisting of empirical analysis with fuzzy-set qualitative comparative analysis (fsQCA) to investigate SCF’s effects on CSP.

The authors find that SCF has a “doing well by doing good” effect on CSP. CFP can promote the positive effect of SCF and ESGP while ESGP’s positive effect on SCF and CFP is nonsignificant. In addition, heterogeneity tests show that SCF’s promoting effect on CSP is affected by high-low CFP and ESGP. The fsQCA results verify the empirical findings and reveal five SCF-related recipes for achieving high CSP.

This study has the following two limitations. First, we do not consider how SCF affects CSP in different industries. There is a need to investigate whether industry heterogeneity changes SCF’s effects on CSP, especially in prominent industries, such as the energy industry, with its high susceptibility to ESGP, and the manufacturing industry, with its extensive application of SCF. It will be important to investigate these industries to better understand SCF’s role in sustainability. Second, we study the secondary supply chain – namely, core firm–suppliers and core firm–customers. The authors do not consider financial institutions (e.g. banks and guarantee institutions). SCF modes that include the participation of financial institutions, such as factoring financing and reverse factoring financing, cater more to the capital needs of diversified firms. In the future, studying specific industries that have made significant contributions to the application of SCF along with others that are more sensitive to environmental governance could better highlight the effect of SCF on sustainability and help supply chain managers understand the application value of SCF. Future research could also extend SCF participants into multiple roles to explore separate effects. Tracking financing demanders, fund providers and credit guarantors could capture SCF characteristics more comprehensively. Methodologically, it will be challenging to accurately measure SCF networks in terms of quantification. In future work, this could be performed with the help of artificial intelligence.

First, our findings indicate that SCF has a “doing well by doing good” effect on core firms. SCF can not only overcome the capital shortage of SMEs but also provide significant benefits to core firms. Second, our findings provide SCF-related recipes to help firms fulfil ESGP obligations without sacrificing CFP under the pressure to “do good.” The authors provide valuable insights and diverse recommendations to help supply chain managers, marketing executives and researchers adjust supply chain management strategies. Third, this work can guide executives in various fields to adopt SCF to achieve sustainability as a risk-mitigation strategy by means of marketing.

This study identifies better, more straightforward SCF-related recipes for CSP (consisting of CFP and ESGP) using a quasi-replication analysis that improves upon conventional methods such as regression analysis, which have limited power. The authors provide valuable insights and diverse recommendations to help managers pursue sustainable development. The findings point to practical guidelines and feasible solutions that can support well-founded operational strategic and management decision-making, which can enhance a firm’s competitiveness under uncertainty and a sluggish economy.

Accurate glide path tracking is vital to the automatic carrier landing task of unmanned aerial vehicle (UAV). The purpose of this paper is to develop a reliable flight controller that can simultaneously deal with external disturbance, structure fault and actuator fault.

The automatic carrier landing task is resolved into the glide path tracking problem and attitude tracking problem. The disturbance observer-based adaptive sliding mode control scheme is proposed for system stabilization, disturbance rejection and fault tolerance.

Both the Lyapunov method and exemplary simulations can prove that the disturbance estimation error and the attitude tracking error converge in finite time in the presence of external disturbances and various faults.

The presented algorithm is testified by a UAV automatic carrier landing simulation, which shows the potential of practical usage.

The barrier function is introduced to adaptively update both the sliding mode observer gain and sliding mode controller gain, so that the sliding mode surface could converge to a predefined region without overestimation. The proposed flight controller ensures a secure carrier landing task.

Drawing on the integration of the knowledge-based theory and the resource orchestration theory, this study aims to develop a moderated mediation model on how design/manufacturing/administrative advanced manufacturing technology (AMT) influences product innovation performance. The authors hypothesized that the absorption capacity could mediate the AMT-innovation performance link and that design–manufacturing integration (DMI) could positively moderate the mediating effect of the absorption capacity.

To test the hypothesis, the authors conducted a mail survey of equipment manufacturing firms and obtained 302 valid responses for data analysis. Both hierarchical regression and bootstrapping analysis were conducted to empirically test the research model.

It is revealed that the absorption capacity partially mediated the effect of AMT on innovation and that DMI enhanced the mediated effect. Specifically, the mediating effect of the absorption capacity was more substantial and significant when DMI was high. However, the mediating effect of the absorption capacity was weaker and insignificant when DMI was low.

Overall, this study contributes to the AMT theory on innovation by identifying the absorption capacity and DMI as two key factors that elucidate why and under what conditions AMT affects innovation. Moreover, this study advises managers that besides developing AMT, firms should cultivate a strong DMI, which directs the absorption capacity toward converting the valuable knowledge in firms’ capital equipment into increased innovation performance.

This paper aims to explore product pricing and green promotion effort policies and further analyzes the influences of financing interest rate, green promotion effort and free-riding behavior on the optimal strategies.

Research will be conducted with the aid of Stackelberg game research method, considering that the manufacturer has financial constraints and financing from e-commerce platform, and consumers have dual preferences, based on the two models of no green promotion effort for physical store and green promotion effort for physical store to explore dual-channel green supply chain strategies.

This research puts forward the following findings, in the two models: the rise in financing interest rate leads to an increase in wholesale and selling prices of dual channels and a decrease in demand of dual channels. The green promotion effort has a positive impact on wholesale prices, selling prices and demand of dual channels. The rise of free-riding rate makes offline wholesale and selling prices fall, whereas online wholesale and selling prices rise.

This research results can provide reference for the decision-making in the context of supply chain financing and free-riding.

This paper explores the effectiveness of using blockchain technology to solve financial constraints faced by small- and medium-sized suppliers in a capital-constrained supply chain.

To characterize the impact of blockchain on credit period and enterprise credit level, the study formulates a newsvendor model to analyze a supply chain in which a financially constrained supplier sells products to a financially sound manufacturer, subject to uncertain demand. The study investigates three repayment methods: the benchmark case without blockchain and two blockchain-enabled cases with the hybrid repayment mode and single repayment mode (SRM), respectively. The study derives and compares the equilibria under each repayment method to characterize their impact.

When the bank interest rate is low and the carbon cap is also low, choosing to implement blockchain technology leads to higher profitability for the manufacturer than not utilizing it. Within the framework of blockchain technology, when comparing the two repayment models, the manufacturer exhibits a preference for SRM. Furthermore, under specific conditions of the bank interest rate, blockchain technology can effectively facilitate consensus among supply chain members in terms of channel selection.

The results derived in this paper provide novel managerial implications to the capital-constrained members in terms of pricing decisions and order quantity under demand uncertainty considering blockchain technology, which transfers the creditor's rights to the bank and shortens the collection time. In addition, blockchain technology enables efficient and intelligent collaborative development of supply chains, which can reduce carbon emissions during the transportation of goods.

Few studies incorporate blockchain technology into supply chain finance, and this paper considers the credit period and capital's time value for a capital-constrained supplier facing the adoption of blockchain technology within a stochastic demand environment.

While providing users with important innovation resources, an enterprise's open innovation community also encounters numerous challenges. The purpose of this study is to develop and implement a set of evaluation systems that can identify the ecological characteristics of open innovation communities. The ultimate goal is to provide guidance for the construction and establishment of these communities.

Firstly, from the perspective of information ecology, according to the connotation requirements of the four information elements of “people, information, technology and environment” in the information ecosystem, this paper determines the evaluation indicators of enterprise's open innovation community from the aspects of integrity and dynamics. Then, based on the improved analytic hierarchy process, the weight of each index is calculated, and a complete evaluation system of open innovation community is established. Finally, the fuzzy comprehensive evaluation method is used to conduct empirical research on Haier Open Partnership (HOPE) platform, analyze its ecological situation and existing problems and put forward the corresponding construction recommendations.

The application of HOPE platform shows that the evaluation index system built in this study has good applicability, and the whole research process and research method have certain reference value for future studies. At the same time, the study found that the HOPE platform has good ecological characteristics, but there are also some problems. This study can directly promote the construction of the platform.

This paper, for the first time, combines the information ecology theory with the open innovation community. The results demonstrate that the open innovation community is an information ecosystem, which can be evaluated ecologically. Furthermore, to ensure the calculation's scientific accuracy, the index weight is determined by constructing a judgment matrix based on expert questionnaires.

The purpose of this paper is to compare the pricing decisions and earning potential of the software supplier and the smart device manufacturer in different software promotion strategies.

Based on game theory, the authors formulate two promotion models, that is, the supplier implements software promotion activities individually (SP model) or outsources the promotion activity to the manufacturer under profit-sharing contract (MP model) when taking different channel power structures into consideration. Besides, in order to test the robustness of the conclusions, the authors also extend the basic model to the following situations: (1) the customers have different price elasticity toward service fee and product price; (2) the revenue sharing contract is employed by the supply chain members; and (3) the manufacturer's product promotion practice is taken into consideration.

The optimal service fee (product price) of the supplier (manufacturer) under SP model is always lower (higher) than that under MP model. Surprisingly, if the supplier is the channel leader and the profit sharing ratio exceeds certain threshold, the manufacturer's profit decreases in profit sharing ratio, which remains robust in three extension models. Moreover, the supply chain's profit in supplier-led game is always lower than that in Nash game irrespective of the promotion strategy in profit sharing context. When revenue sharing contract is adopted, the result holds only when the revenue sharing ratio is relatively low.

The authors originally explore two promotion strategies of the software supplier when taking the channel power structures into considerations, which has not been explored in the literature to the best of the authors' knowledge.